1. Field of the Invention
The present invention relates generally to fund transfer and payment mechanisms. More particularly, the invention described herein is directed to a system and method for enabling the remittance of funds from a source account to a designated recipient.
2. Description of Related Art
Financial institutions have invested, and continue to invest, significant time and resources in the area of electronic banking, providing individuals and organizations alike with enormous flexibility in managing finances. Much of the growth in this area can be attributed to various technological advancements made over the years, with the most noticeable area of growth and development concentrated on providing greater conveniences and accessibility to banking customers. Inarguably the most recognizable of these technological advancements is seen in the vast network and interconnectability of automated teller machines (ATMs) and, with the prevalent use of the Internet, online banking. The use of ATMs and online banking is ubiquitous and underlies the financial services industry today, providing customers with the desired ease and reliability they demand when engaged in a variety of financial transactions, particularly at times when financial institutions are not available to service those needs.
Despite the widespread accessibility of ATMs and the dominant use of online banking to conduct financial transactions, the ability to leverage these two mechanisms to provide customers with advanced banking services has yet to be fully realized. Online banking customers, for instance, have the ability to conduct a wide array of financial transactions associated with their accounts. However, one such transaction that is not easily accessible to online banking customers is the ability to allocate funds in their account for purposes of making the allocated funds available to a designated recipient for cash withdrawal at an ATM. Typically, financial services of this type require involvement of a third-party to mediate the transaction. These types of services, which are well known in the art, are inconvenient and error-prone due to the need for third-party involvement. In view of the technological advancements available to banking customers today there is an expectation that antiquated fund remittance methods, such as the mediation of fund remittance between interested parties, are next in the evolution cycle.
Accordingly, there exists a need to enable an independent and near real-time fund remittance transaction process between an originating sending entity and a designated receiving entity, wherein such fund remittance transactions may be completed, for instance, via cash withdrawal from existing ATM networks.